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Five Hidden Benefits To EQ's Onboarding Process

Friday, September 24, 2021

Whether outsourcing your shareholder services for the first time or switching to a different transfer agent, here are your need-to-know steps for a smooth transfer.

At EQ, we believe there's more to a successful conversion than preventing problems. In fact, there are plenty of positives that come out of the onboarding process. Here are five unexpected ways that this process can benefit your business, right from the start.

1. Clean data

Accuracy and prevention of data loss are undoubtedly the two biggest concerns most companies have going into the onboarding process.

When shareholder data is moved from the prior agent, EQ's conversion team does a thorough validation of all the data to make sure everything is moved over – every fractional share, every account, open or closed – to ensure the integrity of the data and continuity of services. We have professional relationships with other transfer agents, and we act as the middleman. As an experienced transfer agent, our team members know what to look for and when to ask the important questions.

For those who remember data transfers in the pre-digital days, FTP servers have made the entire process much simpler and easier to secure the data. You should expect both accuracy and security from your conversion team – and a whole lot more.

EQ sets the bar in the industry for our thorough data validation process. We do full account scrubs, looking at every detail from shareholder addresses to dividend payments and sale history. Accounts that should have been closed and are costing you money are reviewed. Duplicates and discrepancies are caught and addressed. Account tax certifications are reviewed. Our team goes above and beyond by verifying certificates, resulting in cleaner data that's easier for your company to use. EQ currently manages records for  30 million shareholder relationships and consistently ranks highest in client satisfaction surveys.

2. Cost savings

When old or duplicate records are cleaned up during the data validation process, you save money – especially if you're operating under a shareholder-based fee structure. Rather than worrying about data loss, you should be asking how long it's been since your current transfer agent did a thorough cleanup of your data.

3. Process improvement

An experienced conversion team also takes a close look at the products and processes you have in place and makes recommendations to improve them. We're not in the business of continuing a process just because that's how it was historically done. We'll look for process efficiencies and different ways we can add value.

We utilize our experts to make sure you aren't missing any opportunities to update your product offerings, streamline processes or improve the shareholder experience. It's an advantage that only a seasoned team can provide.

4. Risk reduction

Our team may also be able to suggest improvements or recommend tools that reduce risk. Reducing the number of instances where manual data entry is required, for example, reduces the risk of human error. You'll want to make sure your transfer agent stays on top of emerging technologies that can automate repetitive tasks or streamline processes. Using experienced insight and powerful tools, we'll help you create targeted solutions that best fit your company and goals.

5. Communications reboot

Bonus! Your shareholder communications plan gets a complete overhaul – with very little effort on your part. Our team supplies you with a communications plan, complete with timelines and templates for key shareholder notifications to cover the transition period. But they don't stop there.

Our team does a complete audit of all shareholder communications, from quarterly statements to transaction statements to tax forms. In addition to reviewing for compliance with legal requirements, they help you update your messaging and eliminate unnecessary and costly mailings.

In the end, it's all about experience. EQ's depth of knowledge and years of experience ensure not just a smooth process but plenty of hidden benefits.

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